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Branford's Finance Board Approves 29.07 Mill Rate, 1.5 Percent Tax Increase for FY 2019-20

By unanimous vote on May 20, Branford's new mill rate for the 2019-20 fiscal year will increase by 0.43 mills, creating an annual tax increase of 1.5 percent for property owners. Branford's new mill rate of 29.07 mills was set by unanimous vote of the Board of Finance (BOF) on Monday, May 20.

The BOF vote followed the Representative Town Meeting's (RTM) May 14 unanimous vote to adopt the 2019-20 town budget totaling $115,297,464. On May 20, the BOF approved raising $101,282,000 from taxation next year, together with other revenue and fund balance monies, to create the 29.07 mill rate; for an annual mill rate increase 0.43 mills over the current mill rate (fiscal year 2018-19) of 28.64 mills.

The town's mill rate is the tax rate applied to the assessed value of a property. One mill is equal to one dollar per $1,000 dollars of assessed value. The 29.07 mill rate begins with the new fiscal year, which starts on July 1, 2019 and ends June 30, 2020. Branford tax bills will be issued July 1, 2019.